Sales: According to the Montgomery Area Association of REALTORS, January home sales in the area decreased 34.8% year-over-year (Y/Y) from 397 to 259 closed transactions. Sales decreased 25.7% from December. Sales are now down 34.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 72.0% year-over-year from 497 to 855 listings. Months of supply increased from 1.3 in January 2022 to 3.3 in January 2023, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in January was $180,000, a decrease of 10.0% from one year ago and a decrease of 19.6% from December. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in January averaged 66 days on the market (DOM), 7 days slower than January 2022.
Forecast: January sales were 7 units, or 2.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 252 sales for the month, while actual sales were 259 units. ACRE forecast a total of 252 residential sales year-to-date, while there were 259 actual sales through January, a difference of 2.6%.
New Construction: The 23 new homes sold represent 8.9% of all residential sales in the area in January. Total sales decreased 54.9% year-over-year. The median sales price in January was $405,000, a record high and an increase of 19.2% from one year ago and an increase of 3.4% from December. New homes sold in an average of 117 days, 58 days slower than January 2022.
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
